Allegion Reports Fourth-Quarter, Full-Year 2018 Financial Results, Provides 2019 Outlook

  • Fourth-quarter 2018 earnings per share (EPS) of $1.39, compared
    with 2017 EPS of $0.10; 2018 adjusted EPS of $1.22, compared with 2017
    adjusted EPS of $1.11
  • Fourth-quarter 2018 revenue of $702.4 million, up 12.7 percent
    compared with 2017 and up 6.7 percent on an organic basis
  • Full-year 2018 EPS of $4.54, compared with 2017 EPS of $2.85; 2018
    adjusted EPS of $4.50, up 13.6 percent compared with 2017 adjusted EPS
    of $3.96
  • Full-year 2018 revenue of $2.73 billion, up 13.4 percent compared
    with 2017 and up 6 percent on an organic basis
  • Full-year 2018 available cash flow was up $110.8 million to $408.7
    million
  • Full-year 2019 reported and organic revenue growth is estimated to
    be up 5 to 6 percent; Full-year 2019 EPS outlook of $4.60 to $4.75,
    and $4.75 to $4.90 on an adjusted basis

DUBLIN–(BUSINESS WIRE)–Allegion
plc
(NYSE: ALLE), a leading global provider of security products and
solutions, today reported fourth-quarter 2018 net revenues of $702.4
million and net earnings of $132.8 million, or $1.39 per share.
Excluding items related to restructuring, acquisitions and U.S. Tax
Reform, adjusted net earnings were $116.6 million or $1.22 per share, up
9.9 percent when compared with fourth-quarter 2017 adjusted EPS of
$1.11. Reported net earnings for fourth-quarter 2018 include an $18.6
million benefit or $0.19 per share related to U.S. Tax Reform. Reported
net earnings for fourth-quarter 2017 include a $53.5 million charge or
$0.56 per share related to U.S. Tax Reform as well as a $43.2 million
charge or $0.40 per share related to debt refinancing costs.

Fourth-quarter 2018 net revenues increased 12.7 percent, when compared
with the prior year period (up 6.7 percent on an organic basis).
Reported revenues reflect strong organic growth as well as benefits from
acquisitions, offsetting negative foreign currency impacts.

Fourth-quarter 2018 operating income was $141.4 million, an increase of
$10.5 million or 8 percent compared with 2017. Adjusted operating income
in fourth-quarter 2018 was $145.2 million, representing an increase of
$8.1 million or 5.9 percent compared with 2017.

Fourth-quarter 2018 operating margin was 20.1 percent, compared with 21
percent in 2017. The adjusted operating margin in fourth-quarter 2018
was 20.7 percent, compared with 22 percent in 2017. The 130 basis-point
decline in adjusted operating margin is primarily attributable to
dilution from the 2018 acquisitions.

I am pleased with the top-line performance as we delivered another
quarter of double-digit revenue expansion with solid organic growth,”
said David D. Petratis, Allegion chairman, president and CEO. “All three
regions contributed nicely to Allegion’s revenue growth, and end-market
fundamentals remain healthy.

We also had another quarter of nearly 10 percent EPS growth, and while
operating margin performance was weaker than expected, base business
margins did increase slightly when excluding the impact of 2018
acquisitions,” Petratis added.

The Americas segment revenues increased 13 percent (up 7.6 percent on an
organic basis). The organic growth was driven by a substantial volume
increase and continued price realization in non-residential markets.

The EMEIA segment revenues increased 4.4 percent (up 4.3 percent on an
organic basis), reflecting continued strength in our SimonsVoss and
Interflex businesses. Pricing was solid again this quarter, contributing
to the organic growth. Positive contributions from acquisitions offset
reductions related to unfavorable currency.

The Asia-Pacific segment revenues increased 44.9 percent (up 4.6 percent
on an organic basis). Revenue growth this quarter was again driven by
the acquired Gainsborough Hardware and API business. Organic revenue
growth was driven primarily by volume in our China business.

Full-year Results

Full-year 2018 net revenues of $2.73 billion increased 13.4 percent,
when compared with the prior year period (up 6 percent on an organic
basis). Reported revenues were buoyed by acquisitions made during the
year. The organic growth reflects the continued execution of the
company’s channel initiatives and the introduction of new products, as
well as strong growth in the electronics portfolio.

Full-year 2018 net earnings were $434.9 million or $4.54 per share,
compared with $273.3 million or $2.85 per share for the prior year.
Full-year 2018 adjusted net earnings were $430.3 million or $4.50 per
share, compared with $380 million or $3.96 per share in 2017 – an
increase of 13.6 percent. Reported EPS for 2018 includes a $21.9 million
benefit or $0.23 per share related to U.S. Tax Reform. Reported EPS for
2017 includes a $53.5 million charge or $0.56 per share related to U.S.
Tax Reform, as well as a $44.7 million charge or $0.41 per share related
to debt refinancing costs.

Full-year 2018 operating margin was 19.2 percent, compared with 20.5
percent in 2017. The adjusted operating margin for full-year 2018 was
20.1 percent, compared with 21.2 percent in 2017. The 110 basis-point
adjusted operating margin decline was primarily driven by dilution from
the 2018 acquisitions along with substantial inflationary pressures seen
throughout the year.

Additional Items

Interest expense for fourth-quarter 2018 was $13.7 million, down from
$56 million for fourth-quarter 2017. The fourth-quarter 2017 included a
charge of $43.2 million related to debt refinancing costs.

Other expense net for fourth-quarter 2018 was $0.5 million. Other income
net for fourth-quarter 2017 was $3.3 million.

The company’s effective tax rate for fourth-quarter 2018 was negative
4.5 percent, compared with 84.5 percent in 2017. The fourth-quarter 2018
included a benefit of $18.6 million related to U.S. Tax Reform. The
fourth-quarter 2017 included a charge of $53.5 million related to U.S.
Tax Reform. The company’s adjusted effective tax rate for fourth-quarter
2018 was 10.9 percent. The adjusted effective tax rate for
fourth-quarter 2017 was 14.9 percent.

Cash Flow and Liquidity

Available cash flow for 2018 was $408.7 million, an increase of $110.8
million versus the prior year. The year-over-year increase in available
cash flow was driven by increased earnings as well as a $50 million
discretionary pension payment made in the prior year.

The company ended 2018 with cash of $283.8 million and total debt of
$1,444.8 million.

Share Repurchase

During fourth-quarter 2018, the company repurchased approximately 0.5
million shares for approximately $37.3 million related to the $500
million share repurchase authorization approved by the company’s board
of directors in February 2017.

Dividends

As previously announced, Allegion’s board of directors declared a
quarterly dividend of $0.27 per ordinary share of the company, an
increase of 29 percent over the prior dividend. The dividend is
payable March 29, 2019, to shareholders of record on March 15, 2019.

2019 Outlook

The company expects full-year 2019 revenues to increase 5 to 6 percent,
on both a reported and organic basis, when compared with 2018.

Full-year 2019 reported EPS is expected to be in the range of $4.60 to
$4.75, or $4.75 to $4.90 on an adjusted basis. This reflects an increase
of approximately 6 to 9 percent versus adjusted 2018 EPS. The forecasted
increase is driven primarily by strong organic growth and margin
accretion across all the company’s regions. The outlook includes
incremental investment of approximately $0.15 per share; assumes a
full-year effective tax rate of approximately 16 percent, compared with
13.5 percent in 2018; and assumes an average diluted share count for the
full year of approximately 95.5 million shares.

We expect continued strength in our end-market fundamentals,
particularly in U.S. institutional verticals, along with the ongoing
shift to electronics to drive another year of solid organic growth for
the company,” Petratis said. “We also expect operational improvements in
2019 to drive margin expansion.”

The company is targeting available cash flow of approximately $430 to
$450 million.

Conference Call Information

On Tuesday, Feb. 19, 2019, David D. Petratis, chairman, president and
CEO, and Patrick Shannon, senior vice president and CFO, will conduct a
conference call for analysts and investors, beginning at 8 a.m. ET, to
review the company’s results.

A real-time, listen-only webcast of the conference call will be
broadcast live online. Individuals wishing to listen may access the call
through the company’s website at http://investor.allegion.com.

About Allegion™

Allegion (NYSE: ALLE) is a global pioneer in safety and security, with
leading brands like CISA®, Interflex®, LCN®,
Schlage®, SimonsVoss® and Von Duprin®. Focusing
on security around the door and adjacent areas, Allegion produces a
range of solutions for homes, businesses, schools and other
institutions. Allegion is a $2.7 billion company, with products sold in
approximately 130 countries.

For more, visit www.allegion.com.

Adoption of New Accounting Standard

During the first quarter, the company adopted ASU 2017-07, “Compensation
– Retirement Benefits (Topic 715): Improving the Presentation of Net
Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.” ASU
2017-07 requires that an employer report the service cost component in
the same line item or items as other compensation costs arising from
services rendered by the pertinent employees during the period. The
other components of net benefit cost are required to be presented in the
statement of comprehensive income separately from the service cost
component and outside of a subtotal of operating income. The company has
applied ASU 2017-07 retrospectively for the presentation of the service
cost component and the other components of net periodic pension cost and
net periodic postretirement benefit cost and prospectively for the
capitalization of the service cost component of net periodic pension
cost and net periodic postretirement benefit in assets. As a result of
adopting the new accounting standard, there is a minor restatement
within the prior year P&L with no impact on revenue, net earnings or
earnings per share. Schedule 6, accompanying this press release,
summarizes the impact to prior periods.

Non-GAAP Measures

This news release also includes adjusted non-GAAP financial information
which should be considered supplemental to, not a substitute for or
superior to, the financial measure calculated in accordance with U.S.
GAAP. The company presents operating income, operating margin, net
earnings, diluted earnings per share (EPS), on both a U.S. GAAP basis
and on an adjusted (non-GAAP) basis, revenue growth on a U.S. GAAP basis
and organic revenue growth (non-GAAP), and also presents adjusted
(non-GAAP) EBITDA and EBITDA margin. The company presents these non-GAAP
measures because management believes they provide useful perspective of
the company’s underlying business results, trends and a more comparable
measure of period-over-period results. These measures are also used to
evaluate senior management and are a factor in determining at-risk
compensation. Investors should not consider non-GAAP measures as
alternatives to the related U.S. GAAP measures. Further information
about the adjusted non-GAAP financial tables is attached to this news
release.

Forward-Looking Statements

This press release contains “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995, Section
27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934, including statements regarding the company’s 2019
financial performance, the company’s growth strategy, the company’s
capital allocation strategy, the company’s tax planning strategies, and
the performance of the markets in which the company operates. These
forward-looking statements generally are identified by the words
“believe,” “project,” “expect,” “anticipate,” “estimate,” “forecast,”
“outlook,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,”
“should,” “will,” “would,” “will be,” “will continue,” “will likely
result” or the negative thereof or variations thereon or similar
expressions generally intended to identify forward-looking statements.
Forward-looking statements are based on the company’s currently
available information and our current assumptions, expectations and
projections about future events. They are subject to future events,
risks and uncertainties – many of which are beyond the company’s control
– as well as potentially inaccurate assumptions, that could cause actual
results to differ materially from those in the forward-looking
statements. Further information on these factors and other risks that
may affect the company’s business is included in filings it makes with
the Securities and Exchange Commission from time to time, including its
Form 10-K for the year ended Dec. 31, 2018, Form 10-Q for the quarters
ended March 31, 2018, June 30, 2018, and Sept. 30, 2018, and in its
other SEC filings. The company undertakes no obligation to update these
forward-looking statements.

   
ALLEGION PLC
Condensed and Consolidated Income Statements
(in millions, except per share data)
 

UNAUDITED

 

 
Three months ended December 31, Year ended December 31,
2018   2017 2018   2017
 
Net revenues $ 702.4 $ 623.0 $ 2,731.7 $ 2,408.2
Cost of goods sold 401.9   347.0   1,558.4   1,335.3  
Gross profit 300.5 276.0 1,173.3 1,072.9
 
Selling and administrative expenses 159.1   145.1   647.5   580.4  
Operating income 141.4 130.9 525.8 492.5
 
Interest expense 13.7 56.0 54.0 105.7
Other expense (income), net 0.5   (3.3 ) (3.4 ) (8.9 )
Earnings before income taxes 127.2 78.2 475.2 395.7
 
Provision (benefit) for income taxes (5.7 ) 66.1   39.8   119.0  
Net earnings 132.9 12.1 435.4 276.7
 

Less: Net earnings attributable to noncontrolling interests

0.1   2.5   0.5   3.4  
 
Net earnings attributable to Allegion plc $ 132.8   $ 9.6   $ 434.9   $ 273.3  
 

Basic earnings per ordinary share attributable to Allegion plc
shareholders:

       
Net earnings $ 1.40   $ 0.10   $ 4.58   $ 2.87  
 

 

Diluted earnings per ordinary share attributable to Allegion
plc shareholders:

       
Net earnings $ 1.39   $ 0.10   $ 4.54   $ 2.85  
 
Shares outstanding – basic 94.9 95.1 95.0 95.1
Shares outstanding – diluted 95.6 95.9 95.7 96.0
 
   
ALLEGION PLC
Condensed and Consolidated Balance Sheets
(in millions)
 

UNAUDITED

 

 
December 31, 2018 December 31, 2017
ASSETS
Cash and cash equivalents $ 283.8 $ 466.2
Restricted cash 6.8
Accounts and notes receivables, net 324.9 296.6
Inventory 280.3 239.8
Other current assets 35.8   30.1
Total current assets 931.6 1,032.7
Property, plant and equipment, net 276.7 252.2
Goodwill 883.0 761.2
Intangible assets, net 547.1 394.3
Other noncurrent assets 171.8   101.6
Total assets $ 2,810.2   $ 2,542.0
 
LIABILITIES AND EQUITY
Accounts payable $ 235.0 $ 188.3
Accrued expenses and other current liabilities 250.5 237.5

Short-term borrowings and current maturities of long-term debt

35.3   35.0
Total current liabilities 520.8 460.8
Long-term debt 1,409.5 1,442.3
Other noncurrent liabilities 225.9   233.4
Equity 654.0   405.5
Total liabilities and equity $ 2,810.2   $ 2,542.0
 
 
ALLEGION PLC
Condensed and Consolidated Cash Flows
(in millions)
 

UNAUDITED

 

 
Year Ended December 31,
2018   2017
Operating Activities
Net earnings $ 435.4 $ 276.7
Depreciation and amortization 86.2 66.9
Discretionary pension plan contribution (50.0 )
Changes in assets and liabilities and other non-cash items (63.8 ) 53.6  
Net cash from operating activities 457.8 347.2
 
Investing Activities
Capital expenditures (49.1 ) (49.3 )
Acquisition of and equity investments in businesses, net of cash
acquired
(376.1 ) (20.8 )
Other investing activities, net (18.6 ) 19.9  
Net cash used in investing activities (443.8 ) (50.2 )
 
Financing Activities
Net debt proceeds (repayments) (36.1 ) 10.1
Debt issuance costs (9.5 )
Dividends paid to ordinary shareholders (79.4 ) (60.9 )
Repurchase of ordinary shares (67.3 ) (60.0 )
Redemption premium (33.2 )
Other financing activities, net (0.6 ) 2.6  
Net cash used in financing activities (183.4 ) (150.9 )
 
Effect of exchange rate changes on cash, cash equivalents and
restricted cash
(6.2 ) 7.7  
Net (decrease) increase in cash, cash equivalents and restricted cash (175.6 ) 153.8
Cash, cash equivalents and restricted cash – beginning of period 466.2   312.4  
Cash, cash equivalents and restricted cash – end of period $ 290.6   $ 466.2  
 

SUPPLEMENTAL SCHEDULES

ALLEGION PLC

   

SCHEDULE 1

SELECTED OPERATING SEGMENT INFORMATION
(in millions)
 
Three Months Ended Year Ended
December 31, December 31,
2018   2017 2018   2017
Net revenues    
Americas $ 492.7 $ 436.1 $ 1,988.6 $ 1,767.5
EMEIA 157.4 150.8 589.9 523.5
Asia Pacific 52.3   36.1   153.2   117.2  
Total net revenues $ 702.4   $ 623.0   $ 2,731.7   $ 2,408.2  
 
Operating income (loss)
Americas $ 129.0 $ 124.9 $ 544.5 $ 508.5
EMEIA 22.0 21.0 49.3 44.1
Asia Pacific 6.1 4.4 6.9 9.5
Corporate unallocated (15.7 ) (19.4 ) (74.9 ) (69.6 )
Total operating income $ 141.4   $ 130.9   $ 525.8   $ 492.5  
 

ALLEGION PLC

 

SCHEDULE 2

 
The Company presents operating income, operating margin, net
earnings, diluted earnings per share (EPS), on both a U.S. GAAP
basis and on an adjusted basis, revenue growth on a U.S. GAAP basis
and organic revenue growth (non-GAAP), and also presents adjusted
EBITDA and adjusted EBITDA margin. The Company presents these
measures because management believes they provide useful perspective
of the Company’s underlying business results, trends and a more
comparable measure of period-over-period results. These measures are
also used to evaluate senior management and are a factor in
determining at-risk compensation. Investors should not consider
non-GAAP measures as alternatives to the related U.S. GAAP measures.
 
The Company defines the presented non-GAAP measures as follows:

Adjustments to operating income, operating margin, net earnings,
EPS, and EBITDA include items such as goodwill impairment charges,
restructuring charges, asset impairments, merger and acquisitions
costs, debt refinancing costs, amounts related to U.S. Tax Reform
and charges related to the divestiture of businesses

Organic revenue growth is defined as U.S. GAAP revenue growth
excluding the impact of divestitures, acquisitions and currency
effects

Available cash flow is defined as U.S. GAAP net cash operating
activities less capital expenditures.

 
These non-GAAP measures may not be defined and calculated the same
as similar measures used by other companies.
   
RECONCILIATION OF GAAP TO NON-GAAP NET EARNINGS
 

(in millions, except per share data)

 
Three Months Ended December 31, 2018 Three Months Ended December 31, 2017
  Adjusted   Adjusted
Reported Adjustments (non-GAAP) Reported Adjustments (non-GAAP)
Net revenues $ 702.4 $ $ 702.4 $ 623.0 $ $ 623.0
 
Operating income 141.4 3.8 (1) 145.2 130.9 6.2 (1) 137.1
Operating margin 20.1 % 20.7 % 21.0 % 22.0 %
 
Earnings before income taxes 127.2 3.8 (2) 131.0 78.2 49.4 (2) 127.6
Provision (benefit) for income taxes (5.7 ) 20.0 (3) 14.3 66.1 (47.1 ) (3) 19.0
Effective income tax rate (4.5 )% 526.3 % 10.9 % 84.5 % (95.3 )% 14.9 %
Net earnings 132.9 (16.2 ) 116.7 12.1 96.5 108.6
 
Non-controlling interest 0.1     0.1   2.5     2.5  
 
 
Net earnings attributable to Allegion plc $ 132.8   $ (16.2 ) $ 116.6   $ 9.6   $ 96.5   $ 106.1  

 

           

Diluted earnings per ordinary share attributable to Allegion plc
shareholders:

$ 1.39   $ (0.17 ) $ 1.22   $ 0.10   $ 1.01   $ 1.11  
(1)   Adjustments to operating income for the three months ended December
31, 2018 and December 31, 2017 consist of $3.8 million and $6.2
million, respectively, of restructuring charges and merger and
acquisition expenses.
(2) Adjustments to earnings before income taxes for the three months
ended December 31, 2018 consist of the adjustments to operating
income discussed above. Adjustments to earnings before income taxes
for the three months ended December 31, 2017 consist of the
adjustments to operating income discussed above and $43.2 million of
charges related to the redemption of the Company’s 2021 and 2023
Senior Notes and issuance of its 2024 and 2027 Senior Notes.
(3) Adjustments to the provision (benefit) for income taxes for the
three months ended December 31, 2018 consist of $1.4 million of tax
benefit related to the excluded items discussed above and an $18.6
million tax benefit related to an adjustment to the provisional
amounts previously recognized related to U.S. Tax Reform.
Adjustments to the provision for income taxes for the three months
ended December 31, 2017 consist of $6.4 million of tax benefit
related to the excluded items discussed above and $53.5 million of
tax expense related to U.S. Tax Reform.
   

 

Year ended December 31, 2018 Year ended December 31, 2017
  Adjusted   Adjusted
Reported Adjustments (non-GAAP) Reported Adjustments (non-GAAP)
Net revenues $ 2,731.7 $ $ 2,731.7 $ 2,408.2 $ $ 2,408.2
 
Operating income 525.8 22.8 (1) 548.6 492.5 18.5 (1) 511.0
Operating margin 19.2 % 20.1 % 20.5 % 21.2 %
 
Earnings before income taxes 475.2 22.8 (2) 498.0 395.7 63.2 (2) 458.9
Provision for income taxes 39.8 27.4 (3) 67.2 119.0 (43.5 ) (3) 75.5

Effective income tax rate

8.4 % 120.2 % 13.5 % 30.1 % (68.8 )% 16.5 %
Net earnings 435.4 (4.6 ) 430.8 276.7 106.7 383.4
 
Non-controlling interest 0.5     0.5   3.4     3.4  
 
 
Net earnings attributable to Allegion plc $ 434.9   $ (4.6 ) $ 430.3   $ 273.3   $ 106.7   $ 380.0  
 

 

 

           

Diluted earnings per ordinary share attributable to Allegion plc
shareholders:

$ 4.54   $ (0.04 ) $ 4.50   $ 2.85   $ 1.11   $ 3.96  
 
(1)   Adjustments to operating income for the year ended December 31, 2018
consist of $16.5 million of restructuring charges and merger and
acquisition expenses and $6.3 million of backlog revenue
amortization related to an acquisition. Adjustments to operating
income for the year ended December 31, 2017 consist of $18.5 million
of restructuring charges and merger and acquisition expenses.
(2) Adjustments to earnings before taxes for the year ended December 31,
2018 consist of the adjustments to operating income discussed above.
Adjustments to earnings before taxes for the year ended December 31,
2017 consist of the adjustments to operating income discussed above
and $44.7 million of charges related to the refinance of the
Company’s Credit Facility, redemption of its 2021 and 2023 Senior
Notes and issuance of its 2024 and 2027 Senior Notes.
(3) Adjustments to the provision for income taxes for the year ended
December 31, 2018 consist of $5.5 million of tax benefit related to
the excluded items discussed above and a $21.9 million tax benefit
related to an adjustment to the provisional amounts previously
recognized related to U.S. Tax Reform. Adjustments to the provision
for income taxes for the year ended December 31, 2017 consist of
$10.0 million of tax benefit related to the excluded items discussed
above and $53.5 million of tax expense related to U.S. Tax Reform.
 
   

ALLEGION PLC

SCHEDULE 3

 
RECONCILIATION OF GAAP TO NON-GAAP REVENUE AND OPERATING INCOME
BY REGION
(in millions)
 
Three Months Ended December 31, 2018 Three Months Ended December 31, 2017
As Reported   Margin As Reported   Margin
Americas
Net revenues (GAAP) $ 492.7 $ 436.1
 
Operating income (GAAP) $ 129.0 26.2 % $ 124.9 28.6 %
Restructuring charges 2.2 0.5 % 0.3 0.1 %
Merger and acquisition costs 0.6   0.1 %   %
Adjusted operating income 131.8 26.8 % 125.2 28.7 %
Depreciation and amortization 9.1   1.8 % 6.8   1.6 %
Adjusted EBITDA $ 140.9   28.6 % $ 132.0   30.3 %
 
EMEIA
Net revenues (GAAP) $ 157.4 $ 150.8
 
Operating income (GAAP) $ 22.0 14.0 % $ 21.0 13.9 %
Restructuring charges 0.1 0.1 % 3.7 2.4 %
Merger and acquisition costs 0.4   0.2 % 0.4   0.3 %
Adjusted operating income 22.5 14.3 % 25.1 16.6 %
Depreciation and amortization 7.9   5.0 % 7.7   5.1 %
Adjusted EBITDA $ 30.4   19.3 % $ 32.8   21.7 %
 
Asia Pacific
Net revenues (GAAP) $ 52.3 $ 36.1
 
Operating income (GAAP) $ 6.1 11.7 % $ 4.4 12.2 %
Restructuring charges 0.1 0.2 % %
Merger and acquisition costs 0.3   0.5 % 0.3   0.8 %
Adjusted operating income 6.5 12.4 % 4.7 13.0 %
Depreciation and amortization 1.2   2.3 % 0.7   2.0 %
Adjusted EBITDA $ 7.7   14.7 % $ 5.4   15.0 %
 
Corporate
Operating loss (GAAP) $ (15.7 ) $ (19.4 )
Merger and acquisition costs 0.1   1.5  
Adjusted operating loss (15.6 ) (17.9 )
Depreciation and amortization 1.1   1.0  
Adjusted EBITDA $ (14.5 ) $ (16.9 )
 
Total
Adjusted net revenues $ 702.4 $ 623.0
 
Adjusted operating income 145.2 20.7 % 137.1 22.0 %
Depreciation and amortization 19.3   2.7 % 16.2   2.6 %
Adjusted EBITDA $ 164.5   23.4 % $ 153.3   24.6 %
 

Contacts

Media:
Doshia Stewart – Vice President, Global Corporate
Communications
+1.317.810.3512
[email protected]

Analysts:
Mike Wagnes – Vice President, Treasury and
Investor Relations
+1.317.810.3494
[email protected]

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